Extravagant’ daughters of late banking chief sue stepmother over £7m estate

Extravagant’ daughters of late banking chief sue stepmother over £7m estate

The "extravagant“ daughters of a late banking chief are suing their stepmother for millions after he wrote them out of his will.

Tony Shearer, who was the chief executive of the merchant bank Singer & Friedlander, died in 2017 at the age of 68, leaving behind an estate worth around £7 million. 

His adult daughters, Juliet Miles and Lauretta Shearer, say they are due "maintenance“ from the fortune to replace the "generous financial provision“ they received when he was alive.

However, Mr Shearer left his estate in the hands of their stepmother, Pamela Shearer, who claims the sisters are due nothing and are "interested in their dad only for his money“, the High Court was told.

On Friday, Barbara Rich, for the stepmother, said Mr Shearer had made it clear in letters and emails that he disapproved of his daughter's lifestyle and "demands for money“. 

He had wanted them to be financially independent and was  "disappointed“ when his daughters failed to successfully complete their degree courses, the court heard. 

Ms Rich read an extract of a letter from Mr Shearer, written after he had given each daughter £185,000 to put towards a home, which said: "Once I started working aged 19, I never expected any money